Mar 15, 2019 by The Passage Team

CEO Rajeev Agrawal told the daily that the funds would be used for technology expansion, payments infrastructure, terminals and hiring people.

“We want to go from more transactions to richer transactions. By getting data on what the customer wants, we want to start generating layers of data and provide marketing services," Agrawal told Mint over the phone.

It claims to have around 65,000 POS (Point of Sale) terminals deployed in 800 locations and process over USD 5 billion worth of payments annually — “about 4.5% of all offline payment transactions of India”.

Innoviti had raised USD 18 million equity in a July 2017 Series B round led by Bessemer Venture Partners, Singapore-based private equity fund SBI-FMO and Catamaran Ventures. Catamaran had also invested USD 5 million in Innoviti’s Series A round in 2015.

Innoviti also provides short term business loans to manage cash flows during the monthly business cycle through the platform smelending.com. It connects dealers, their principal supplier and lending institutions like Banks and NBFCs to make loans available when needed.

In 2017 Agarwal told Inc42 that the company has disbursed about 160,000 loans to over 30,000 small merchants in India, and its yearly disbursement volume of SME lending ranges between USD 62.3 million and USD 78 million.

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.